Yes, the reading of contemporary poetry is fine - and also necessary. When one has completed a reading of the past classics (which are finite), one must turn to newer things.
To put it simply though you will enjoy reading contemporary poetry better with an understanding of past writing. Many poets (especially of the modernist period) like to throw in constant allusions and references to past works, so your understanding of them (and subsequent enjoyment) relies on your ability to recognize these allusions.
Also the ability to spot out experiments in metre in contemporary poetry requires that you know standard metre to begin with.
Plus, it never hurts to own a poetry anthology. Perhaps some of the poets will catch your interest and you can buy poet specific collections.